Superdry plc Announces Extension of PUSU Deadline

Superdry plc disclosed an extension to the deadline concerning a potential cash offer from its CEO, Julian Dunkerton, for the company's shares not already owned by him. This announcement, made on 1 March 2024, follows initial news from 2 February 2024, where Dunkerton expressed his intent to explore a buyout, leveraging discussions with potential sponsors. The initial deadline set for a decision was 5.00 p.m. on 1 March 2024.

The continuation of these discussions is taking place alongside Superdry's strategic review focusing on turnaround plans, which include significant cost-saving measures. With the ongoing dialogues, Superdry has been granted an extension by the Takeover Panel until 5.00 p.m. on 29 March 2024, by which time Dunkerton needs to declare a firm intention to make an offer or withdraw his interest in acquiring additional shares of Superdry.

This update leaves Superdry in an ongoing offer period, as outlined in the City Code on Takeovers and Mergers, with specific disclosure requirements now activated for interested parties. Superdry, along with its financial and PR advisers, will continue to communicate relevant developments as the situation progresses.

No certainty exists that a buyout offer by Dunkerton will materialize or under what terms, emphasizing the speculative nature of this early-stage consideration.